California Sees Two More Property Insurers Withdraw From Market [BNN Bloomberg (Canada)]
TOKIO MARINE HLDGS S/ADR (TKOMY)
NASDAQ:AMEX Investor Relations:
tokiomarinehd.com/en/ir
Company Research
Source: BNN Bloomberg
Co. and Trans Pacific Insurance Co., plan to withdraw from the wildfire-prone state entirely starting in July. The two companies, units of Japan-based Tokio Marine Holdings Inc., disclosed their plans in filings submitted to the California Department of Insurance. They said the decision will affect 12,556 policies with premiums of $11.3 million. The companies didn't cite a reason for pulling out of the market, but major insurers across California are ending or reducing coverage as the state grapples with risks posed by wildfires and other natural disasters fueled by climate change. Read more: California to Give Insurers Leeway to Set Rates on Fire Risk The disclosure of the exit comes just a few weeks after State Farm General Insurance Co. said it will be cutting about 72,000 policies in July, just nine months after announcing it would stop offering new coverage. Several other companies have either paused new policies or will no longer offer new ones, including Allstate Corp.,
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News
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- Sacramento fire agencies prepare for wildfire season as more insurance companies leave California [CBS News]CBS News
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